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tv   [untitled]    September 12, 2014 1:30am-2:01am PDT

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issue we continue to work on and make strides with the wonderful collaborative team. >> thank you ladies and also want to recognize my staff that's been dedicated to working with the team. i have certificates for you don't go too far. thank you.
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>> thank you supervisor cohen why not go to the 3:00 p.m. special order and mr. president, can we go back to the roll call. >> thank you, mr. president and mr. clerk i'm introducing one legislation and two hearing requests today, i'm introducing the prohibiting of buildings that are production distribution and repair in the area while the process is currently underway our policy goal to encourage the pdr spaces and to support no
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loss of pdr the south of market is a rich and vibrant neighborhood it was recently highlighted in kelly roadways announcements on significant and brian don no one the flower mart is the second largest in the industry. those will sure that my conversion of pdr use and any pdr use while the city encourages in the future long time process we know they're extremely important in the low income and middle school workers i met with the tenant association members we reassert their family members in san francisco. this legislation is the first
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piece of legislation to come out of the negotiated housing companions back in july. we're working with the mayor's office on the housing action and the neighborhood stabilization to increase the number of affordable housing units that are taken off the real estate market that this piece helps to preserve the pdr spaces insures anti general indication efforts in the street central selma they will help us to look at the land use south of market. we also needs housing for the majority of our residents and the selma area is an area to achieve 4 percent of the construction. having the housing is important and we need to be careful when considering land used for the
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priorities over the next year and we want to insure we're not approving projects ad hoc. i want to recognize supervisor campos and supervisor david chiu and supervisor mar and also introducing two hearing requests one is that hearing request on san francisco pre k and transitional we had a presentation from the department of children's the controller's office and the mayor's office of education on the statistics of the city and county of san francisco see prekindergarten program. presentations whether include the demographics of students who are in the programs and the achievement gaps of those who attended pre k and those who
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didn't. and the second hearing i'm introducing a co- introducing with president fewer is a hearing request on the policies for planning for new student enrollment ems just in the last 10 years from 2000 to 2010 the san francisco population grew. and now sits anothers 8 hundred and 25 thousand and projected to grow to one million the accommodates those growth we need the builders who or allocated towards the landscaping there's no considerations for how we look at school enrollment. with the increasing enrollment of over the last few years it's great news for ucsf it hit its
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rock bottom enrollment we'll happy that more and more families are enrolling their kids but as we continue to grow we need to make sure we don't reach a point we can't accept any new kindergarteners in san francisco with our height we had 86 students and when we hit our height we had local fire code laws that make that more difficult to insert more kindergarteners and first grade classrooms this hearing will be the beginning of a dialog on how to better coordinated the projects with ucsf and it's ability to meet the demands of potential school age children we
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look forward to working with the sfusd and the controller's office to have a dialog before we hit the goal and in our area we are looking at to the building and the construction of the mission bay city hall >> thank you supervisor kim. thank you mr. clerk, call our 3:00 p.m. special orders items 15 through 18 >> the proposed resolutions establishing the transit center and 16 the formation of the transbay transit center and the 17 is the bond indebtedness and item 18 a special election for the transit center. >> thank you mr. clerk colleagues, we have in front of us a potential of establishment of the community district known
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as the transit center i understand we'll have a request for a continuance later on in the meeting but first acknowledge our city staffers for a presentation and then we'll precede from there so is it mr. rich. >> alice in wonderland from the planning department here to discuss the transbay community overwhelm here with other folks and joined by our partners felt transbay joint powers authority we have hard copies of the presentation if the board members wants to look at those instead. this is the second protective action recommending to the transit center cf d. the legislation was introduced in gin and there was a first action later in gin and early
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july and today it is second action there's one more action after is landowner election vote which we expect to happy at the end of the year. today is the formation the resolution of determining the indebtedness and calling the landowner election i'm going to talk about the transbay area and a little bit of detail on the melrose district and scott will talk about the funding for the transbay transit and the downtown rail extension >> as a recap your familiar but a long-standing city policy to shift the center of the downtowns growth towards are towards the south of market capping listing on the transit center and building significant new office and residential growth around that area there
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was is there there's been a decade of planning started with the design in the transbay area with the adaptation of the district plan in 2012 that this is a indirect result of. here's a map of the area the shatd are the redevelopment area that's an enforceable obligation moving forward with the bonds and those are the parcels off the infrastructure that is currently going through the process of the position and development zone two is part of the redevelopment areas those are privately held parcels. and the red boundary is the planning boundary of the transbay center we've rezoned as part of the plan it's identical to the boundary for the medical
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rose district the plan it's created significant additional zone capacity in the transit center area rising the heights on the parcels of seven hundred up to one thousand feet for the transit he turn over resulting in about 4 million square feet of development over what was previously there was the zone capacity for. again, the point of this is to one capitalize on the transbay transit center and to raise funds oh, the laptop is not working sorry.
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sorry i'm just keep talking. the plan had detailed streetscape plan that had a number of different recommendation for complovg the streets it called for 12 acres of open space to serve the people including the rooftop on top of it and identified new revenue sources for the creation of this melrose district we're before i today to talk about. which would be a condition of approval of major new development in the planned area so this was without pictures now i'll talk about the district
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itself. so just as an overview the district it is in the vision of the details and it is consistent with that document major new development is required to join the district as a condition on their conditions of approval when they get theory entitlements i the intention to so raise revenue to pay for the downtown rail extension and the transbay terminal and other structures. this is a map of the boundary the future annexation the shaded parcels are the initial parcels and as new projects trigger it come down within the doted line they'll be expected to join the district.
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what's before you as part of the resolution is the apportionment a special tax added to the property tax on the significant new sdrement e development it didn't apply to existing buildings on a calculation depending on the office eye and residential. the r m a a special based tax and excavation of the tax every year and affordable housing and above marketing units and childcare space are exempted. each project will pay for thirty years and the district will expire after 75 years and for the permit for the project it's itself. the city can prosecutor foors
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for investigators on the bonds for the district. so i'm going to turn it over to nadia from the office of public financing to talk about the program >> good afternoon director for the office of public finance i'll talk about briefing the issuance that will be issued after the formation of the district and with the issuance of the certificate of the occupancy. and that tax commencement will occur after the planning commission that economist of various other departments as well as capita planning committee approved the authorization. and in addition, we need to have special tax capacities existing in order to support the debt and requires the board to approval
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for the appropriation of those proceeds the bonds will be secured by the special tax by the property owners and anticipated in 2015 we have it staggered electro the term of the delivery development. on page 21 addressing the maximum capacity the resolution before you allows for an amount not to exceed $1.4 billion in the authorization this caps the authorizations for all issuance including future awning shall think and this will depend on is interest rates as well as the development activities within the project area. so amending the not to exceed amount will require further approval of the vote of the
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district. the next slide really highlights the assumptions that are feeding the documents that are in front of you including the procurement time based on that an average trick or treat .5 percent and a term of bones of thirty years we expect to issue in the aggregate of 9 hundred and 7 of $6 million with a hundred and 6 of million dollars for the capitalized interests with about 8 hundred and of million dollars being available to the project. this slide is really to show a comparison of what is in the implementation document as was adopted in 2012 it spiefd that
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the special tax will be eventually of 55 percent of property value a footnote of generating 4. plus million in by 7 percent so we've tried to reciprocate the same scenario maintaining the six 5 percent of the property tax value and when i compare that in regards to what's in front of does the board it generates about $514 million in the total future special taxes assuming the 7 percent discount this is regarding the future development within the project area. i would turn it back to adam to talk about the expertise >> what the project will fund is straight open space and
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transportation projects that are basically consistent with what was adapt in the transbay transit plan as part of agreement before you today, we'll sit aside 86 percent towards the transbay joint authority towards the downtown rail extension and trail and rooftop park. this is a list of facilities this is taken from the transit center district plan itself same as the document before you today. and then as a last item there would be a joint community facility agreement that establishes how the funds for this district are governed and up to the board of supervisors 80 today and in future hearings to approve the formation and the
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future bond as well as the capital budget or capital plan. the capital planning committee will approve the expertise expertise with the terms of that joint facilities agreement and that would be development through the recommendation of the inner agency that nadia mentioned and they'll make recommendations to the planning committee and up to the office of planning finance to talk about the revenue and authorize the project with the boards approval. so again, we introduced the legislation today, there are 3 resolutions before you that are continued from last week the formation of the district and the resolution to call for the
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left hand owner election and could be later this year the elective of the landowners and to finally approve the district. with that, i'm going to turn it over to scott to talk about the transbay transit center. >> good afternoon, supervisors scott taylor transbay joint powers authority i want to provide you with the transbay funding it is a significant portion of the melrose is designated for the transbay project. as a very brief refresher the transbay project is drifted 20/20 construction phases first, the construction of the transbay building that broke ground in
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august of 2010 we finished it this year the groundbreaking and in t in the next over the course of the next phrase i'll is a structure steel frame of the entire facility emerge from the ground we're on track to complete construction of the transit center and begin bus partitioned in late 2017 and we brought to the transbay joint powers authority board a budget adjustment of $310 million that was approved in july of 2010 that increased our budget there was 2 primer drivers the first were the results of a assessment that was prudent as the project
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approached one hundred percent completion of the design in 2012 to do the vulnerability assessment that recommended $28 million in security enhancements and in early 2013 we were requested by the federal government of transportation to do a risk assessment this is a the questioning requirement of the funds from the reinvestment act we received the $400 million to complete the phase one what it take a look at or examined the ability of the project to be implemented on budget and southwesterly schedule it take a look at the fact we have a very, very strong economy here in san francisco which, of course, is a good thing but there's a lot of construction happening at once and in a few slides i'll talk about the developments in the
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south of market area and again this is a good thing but there's a lot of construction occurring at once and a lot of completion for construction contracts so it increased costs so it increased our contingencies and resources it was $310 million offer identified $110 million in new revenues to offset that you see in this slide an overview of our phase one funding and our local and state resources crossing the one i've mention the breakdown of those i'll be happy to discuss but it leaves 2 hundred
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million to complete phase one that's before i today. and for phase two which is the tunnel that will extend caltrain one .5 millions from fourth and king to the heart of the downtown you see here on this slide a couple of different things, of course, the alignment for the discount e downtown extension going from fourth and king and coming in the downtown corridor into the new downtown center and outside the downtown core the current core it doesn't provide the connection test if you look at the half-mile radius interests about one hundred and
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80 thousands jobs compared to 189 thousand jobs surrounding the existing caltrain stop it's important for them to extend the tracks all the way into downtown you'll see in this aerial photo the downtown corridor especially the area north of market street is not a lot of room to grow so accommodate significant connective growth over the course of the next decades it's been a long goal to shift the skin. >> southward. and on this slide you see how much success we're having in that regard there are 19 building underway in the transit distribute plan and others in
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the booking hill development area and in illustrating this success with categorizing the success south of market we're using this to help fund the transbay project in several ways the first, by the red dots those are the 6 parcels we're up zones in the transit plans and the on the job only 6 parcels had that are to pay under the melrose district the requested up zoning means taller building a significant benefit for developers their worth nor money but they require additional infrastructure to support all the additional people they'll be bringing down into the area so again as adam said 82.6 percent of revenues are designated for
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the transbay project and then secondly, the staiveng donated 12 acres of lands surrounding the transit center they t they were able to sell those paralyze and for example, the parcel where the sales force you turn over is being developed was sold and in the spring of 2013 that brought in many million dollars and then finally you see the transbay redevelopment area by zone one and two. the transbay project is designated to receive a specified portion of property tax of regular property tax revenues from the transbay redevelopment area and we're specified to receive those revenues over the course of 2005
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to 2050 we're using the revenues to repay a federal infrastructure lesson that was called a tiff loan for phase one but the amount of property tax revenues we're going to collect over the 45 year period is much more than we're going to need to repay the loan so it will allow us to do a second loan for the a t x. and so in terms of overall cost of the d t x our board approved a $2.6 billion for the 2008 that is a traditional design approach we worked with our financial consultants to revise it estimate for $2,014 and in today's dollars that repeals
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$3 billion approximately $3 billion to construct the d t x one and a $180 million what was for a fire chief grade for the tracks bringing in caltrain from the south bay it's been a goal of the city to bring those tracks under mission bay drive and essentially build a stub and tunnel which it is constructed it will be easy and efficient to connect that to say b t x. and so nadia mentioned that the total amount of net bonds precedes available for construction under the cf d is projected to be $806 million


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